Research In Motion Reports First Quarter Results
Waterloo, ON – Research In Motion Limited (RIM) (Nasdaq: RIMM; TSX: RIM), a world leader in the mobile communications market, today reported first quarter results for the three months ended May 30, 2009 (all figures in U.S. dollars and U.S. GAAP, except where indicated).
Revenue for the first quarter of fiscal 2010 was $3.42 billion, comparable with $3.46 billion in the previous quarter and up 53% from $2.24 billion in the same quarter of last year. The revenue breakdown for the quarter was approximately 81% for devices, 13% for service, 2% for software and 4% for other revenue. During the quarter, RIM shipped approximately 7.8 million devices.
Approximately 3.8 million net new BlackBerry® subscriber accounts were added in the quarter. At the end of the quarter, the total BlackBerry subscriber account base was approximately 28.5 million.
“We are starting fiscal 2010 with strong financial performance and impressive market share gains, including a 55% share of the U.S. smartphone market according to IDC’s latest estimate,” said Jim Balsillie, Co-CEO at RIM. “The industry leading BlackBerry product portfolio is driving strong customer demand around the world and our penetration of new market segments continues to expand. We are particularly excited about the strength of our product portfolio for fiscal 2010 and we are looking forward to driving continued growth and profitability in our business throughout the remainder of the year.”
GAAP net income for the quarter was $643.0 million, or $1.12 per share diluted, compared with net income of $518.3 million, or $0.90 per share diluted, in the prior quarter and net income of $482.5 million, or $0.84 per share diluted, in the same quarter last year. Adjusted net income for the first quarter was $564.4 million, or $0.98 per share diluted. Adjusted net income excludes the impact of certain unusual items that were recognized in the quarter, including a charge to selling, marketing and administration expense of $96.4 million relating to the payment of certain employee tax liabilities relating to certain exercised stock options and the foreign exchange impact relating to the previously disclosed enactment of the functional currency tax rules in Canada that became effective in the first quarter of fiscal 2010. In addition, there was a benefit to RIM’s income tax provision of $175.1 million primarily as a result of the enactment of the functional currency tax rules. These unusual items and their related impacts on net income, EPS and selling, marketing and administration expense are summarized in the table below:
Click to read the full press release
Revenue for the first quarter of fiscal 2010 was $3.42 billion, comparable with $3.46 billion in the previous quarter and up 53% from $2.24 billion in the same quarter of last year. The revenue breakdown for the quarter was approximately 81% for devices, 13% for service, 2% for software and 4% for other revenue. During the quarter, RIM shipped approximately 7.8 million devices.
Approximately 3.8 million net new BlackBerry® subscriber accounts were added in the quarter. At the end of the quarter, the total BlackBerry subscriber account base was approximately 28.5 million.
“We are starting fiscal 2010 with strong financial performance and impressive market share gains, including a 55% share of the U.S. smartphone market according to IDC’s latest estimate,” said Jim Balsillie, Co-CEO at RIM. “The industry leading BlackBerry product portfolio is driving strong customer demand around the world and our penetration of new market segments continues to expand. We are particularly excited about the strength of our product portfolio for fiscal 2010 and we are looking forward to driving continued growth and profitability in our business throughout the remainder of the year.”
GAAP net income for the quarter was $643.0 million, or $1.12 per share diluted, compared with net income of $518.3 million, or $0.90 per share diluted, in the prior quarter and net income of $482.5 million, or $0.84 per share diluted, in the same quarter last year. Adjusted net income for the first quarter was $564.4 million, or $0.98 per share diluted. Adjusted net income excludes the impact of certain unusual items that were recognized in the quarter, including a charge to selling, marketing and administration expense of $96.4 million relating to the payment of certain employee tax liabilities relating to certain exercised stock options and the foreign exchange impact relating to the previously disclosed enactment of the functional currency tax rules in Canada that became effective in the first quarter of fiscal 2010. In addition, there was a benefit to RIM’s income tax provision of $175.1 million primarily as a result of the enactment of the functional currency tax rules. These unusual items and their related impacts on net income, EPS and selling, marketing and administration expense are summarized in the table below:
Click to read the full press release
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